Simple Steps to Get Your Finances Organized for 2016

The chill of winter is in the air. With the change of seasons comes the time of year when seniors are more vulnerable to illness.
Sometimes it means a hospital stay followed by rehab care then long-term care in a nursing home.
With the average monthly long-term care facility costs from $7,000 – $10,000, many families are not prepared to deal with this cost. An option that many choose to help pay for this cost is Medi-Cal.

But, as with many government programs the amount of paperwork to fill out can be overwhelming. One of the most difficult tasks for the family is the gathering of the necessary information that Medi-Cal requires for the approval of benefits.


21 Documents Required To Apply For Medi-CalBeing prepared for the unexpected is the smart thing to do. The following list will help you get your finances organized if such an event should occur. Information for both husband and wife is required, not just for the person applying for Medi-Cal. Copies are fine.

1. Social Security card
2. Medicare card
3. Health insurance card
4. Valid California Senior identification card (available at DMV) or valid driver’s license. If none are available, then a recent utility bill such as an electric bill in the applicant’s name
5. Birth certificate
6. Resident alien card or naturalization certificate
7. Most recent health insurance bill showing the name of the insured, premium amount, and frequency of payment. If applicant belongs to the Southern California Gardeners’ Association, make a copy of the bill before paying the premium.
8. Payment stubs or statements showing the “gross” pension before taxes and other deductions. Automatic deposit into a bank account is not proof of payment.
9. “Your New Benefit Amount” statement from Social Security that will come in December showing what your “gross” payment will be for 2016.
10. Previous 4 months bank or credit union statements. All pages must be included even if the last page is blank.
11. Closing statement of any bank or credit union accounts. A print out of the computer screen showing that the account is closed is acceptable.
12. Proof of deposit of the closed account proceeds to the applicant’s bank or credit union account.
13. Closing statement of any investment, annuity or life insurance account. Must show a $0 balance or state that the policy has been fully surrendered.
14. Proof of deposit of the closed account proceeds to the applicant’s bank or credit union account.
15. Previous 4 months brokerage, mutual fund or other investment account statements. All pages must be included even if blank.
16. Current statement for any life insurance with cash value account or annuity.
17. Final expense policy paperwork
18. Deed for burial plot
19. Deeds and tax bills for all real estate
20. Living trust including Schedule A
21. Proof of redress (can be obtained from our office)

Keep copies in a safe place that can be easily accessed in time of crisis. Also, keep a signed copy of your Durable Power of Attorney for Asset Management and Advanced Healthcare Directive handy.
It doesn’t have to be fancy. Use a big cardboard box and throw everything in there. At least you’ll know that everything is in one place. We use a custom-designed extra-heavy-duty and extra-wide 3 ring binder.